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St. Elias Mines Ltd. Grants Option to Ansell Capital Corp. to Acquire 65% Interest in the Vilcoro Gold Property, Peru
St. Elias Mines Ltd. Grants Option to Ansell Capital Corp. to Acquire 65% Interest in the Vilcoro...
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[{"type":"text","content":"\nSt. Elias Mines Ltd. Grants Option to Ansell Capital Corp. to Acquire 65% Interest in the Vilcoro Gold Property, Peru\n\n\n Apr. 16, 2010 (TheNewswire.ca) -- April 16, 2010, VANCOUVER, B.C. - St. Elias Mines Ltd. (TSXV:SLI) (\"St. Elias\") and Ansell Capital Corp. (TSXV:ACP) (\"Ansell\") are pleased to announce that St. Elias and Emilsen Medina Inga de Brophy (collectively, the \"Vendors\") and Ansell have entered into a letter agreement (the \"Letter Agreement\") whereby Ansell has agreed to acquire a 65% interest, subject to a 1.5% NSR, in the Vilcoro Gold Property (the \"Property\") located in north-central Peru.Vilcoro Gold PropertyThe Vilcoro Gold Property comprises 1,600 hectares and is owned 50% by St. Elias and 50% by Emilsen Medina Inga de Brophy. The Property is located in the \"sierra of northern Peru\" which is one of the most prolific gold-producing regions in the world. Tertiary volcanics of the Callipuy Group host the largest of the gold deposits; including three producing multi-million-ounce deposits: Pierina (Barrick) with +6,000,000 oz(1). Au; Yanacocha Mine Complex (Newmont et. al.) with +50,000,000 oz. Au(2) and \"Lagunas Norte\" (Barrick) with + 9,000,000 oz Au(1). The Property is favourably located adjacent to the claim block that covers the Lagunas Norte deposit which was recently put into production by Barrick Gold (NYSE:ABX) (TSX:ABX) in the Alto Chicama mining district. In addition to Lagunas Norte, there are three important gold deposits within 14 to 24km of the Vilcoro Gold Property: Tres Cruces (1.75 million oz)(3) and La Arena (2,800,000 oz)(4).(1)Barrick Gold Corporation website: www.barrick.com(2)Newmont Mining Corp. website: www.newmont.com(3)New Oro Peru Resources Inc. website: www.oroperu.com(4)Rio Alto Mining Limited website: www.rioaltomining.comThe Property can be explored on a year-round basis as it located at a moderate elevation of between 2,500m and 3,250m and is connected to Trujillo (a major coastal Peruvian city) by a well-maintained, all-weather paved and hardpack-gravel road that actually transects the main mineralized zone.Preliminary geological mapping and sampling indicates that the Property hosts a gold-bearing epithermal system. Anomalous to high-grade gold is present in quartz veins, mantos, breccias and hydrothermally altered volcanics, all coincident with a structural corr...